News from Panis

New european legislation regarding interest limitation

On 28 January 2016, the European Commission released the Anti-Tax Avoidance Directive that will be implemented in Belgium law before the end of 2018. Up to now the Belgian legislator has not taken any initiative, but since the implementation will have an in impact for all Belgian companies, Panis wants to inform you upfront.

Base erosion and profit shifting (BEPS) and transfer pricing (TP) regulations impose new reporting requirements

Last year Panis informed you about the implementation of the new Belgian law regarding transfer pricing.

Meanwhile the Belgian Government has issued the final forms and filing instructions.

The filing will have a significant impact on the workload for companies which are part of an international group. Depending on your structure, up to three reporting forms are applicable.

Update carat tax

Yesterday 15th of December Members of Parliament voted the carat tax law which is approved.

Panis will keep you updated on the exact content once the final text of the law is available.

Update carat tax

On the 16th of December Members of Parliament will vote on the carat tax law.

The carat tax is likely to be passed and will be applicable to tax assessment year 2017 i.e. income year 2016 for companies that close their financial year on the 31st of December 2016.

Panis will keep you informed about the carat tax.

Update carat tax

Government still wants to implement the carat tax for tax assessment year 2017 (income year 2016 for companies closing their accounts on the 31st of December 2016). The law is now in Parliament for voting, but it is not approved yet.

Commission authorises carat tax for wholesale diamond sector in Belgium

The European Commission has found that Belgian corporate tax provisions applicable to the wholesale diamond sector were in line with EU State aid rules. The provisions do not selectively favour certain companies and therefore involve no State aid within the meaning of EU rules.

Please read the full press release of the European Commission through following link:

Please feel free to contact Panis for more information.

New legislation on transfer pricing reporting

The initiative of the Organisation for Economic Cooperation and Development (OECD)  to tackle Base Erosion and profit Shifting (BEPS) has been incorporated in the Belgian Program Law of 1 July 2016 requiring transfer pricing documentation.

Belgium’s legislation aligns itself with the OECD guidance by adopting a three-tiered approach to transfer pricing reporting. Mandatory are: a Master File, a Local File and a Country-by-country report.

New round for regularisation of undeclared income

A new draft law foresees to request again to the tax authorities for a regularisation of undeclared income. Regularisation allows one to obtain fiscal -, criminal - and social security law immunity.

The new regularisation round deals with a regularisation of income taxes, VAT, other federal taxes and social contributions. Inheritance  and registration duties, which belong exclusively to the legal competences of the Regions, are excluded at this stage until a separate law will foresee regularisation.

Panis and Shah Associates awarded as #1 Top Performing Consultant 2015

DMCC recently held a ceremony during which consultants in various categories were recognized for their hard work and commitment to DMCC.

Our partner Mr. Hitesh Shah was delighted to receive from Mr. Gautam Sashittal, DMMC Chief Executive Officer, the award for best performing consultant in 2015.

Invitation - AWDC Café: Automatic Exchange of Financial information

We kindly invite you on a seminar given by Panis and with the support of AWDC about two important actual fiscal obligations: the Common Reporting Standard and the Cayman Tax.

The seminar will be held on Tuesday 8 March at noon in the AWDC building, Hoveniersstraat 22, 2018 Antwerp.